https://www.taxtmi.com/highlights?id=67399 Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method of accounting followed as derived from ICAI Guidance Note is a valid method of capturing real income based on the substance of finance lease transaction. The rule of substance over form is a fundamental principle of accounting. - Respondent is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI - HC en-us Thu, 29 Dec 2022 18:18:24 +0530 Thu, 29 Dec 2022 18:18:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67399 Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method of accounting followed as derived from ICAI Guidance Note is a valid method of capturing real income based on the substance of finance lease transaction. The rule of substance over form is a fundamental principle of accounting. - Respondent is entitled for bifurcation of lease rental as per the accounting standards prescribed by the ICAI - HC Highlights Income Tax Thu, 29 Dec 2022 18:18:24 +0530 https://www.taxtmi.com/highlights?id=67399